For several years Cannondale Corporation, the assignee of the present invention, has marketed a folding tool for bicycles that is very similar to a folding pocket knife, except that instead of having blades that fold into a storage position between two spaced-apart side walls and open out for use, it has screw drivers and allen wrenches. While the folding tool is compact and very handy to carry, it is not altogether comfortable to use and does not afford a very good grip when used. The two flat sides do not provide good finger or hand grips, and the openings between the sides are not at all satisfactory as grips. Also, the tool has a relatively large number of parts, which makes if fairly expensive to manufacture. The Cannondale folding bicycle tool, which has been widely copied, lacks a spoke wrench, a tool that is very useful to bicyclists.